Scott Michael Bremus, of Dacula, Georgia, a stockbroker formerly registered with LPL Financial LLC, has been fined $10,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Bremus engaged in private securities transactions. Letter of Acceptance, Waiver, and Consent No. 2021073072701 (October 6, 2023).
According to the AWC, during his association with LPL Financial LLC, Bremus was implicated in facilitating investments for a married couple (Customers 1 and 2) into a private company, Company B. This involvement was without the approval of LPL Financial LLC, contravening the securities broker dealer’s selling away policy. However, FINRA stated that Bremus introduced the couple to Stockbroker B, eventually leading to a $300,000.00 investment in Company B in August of 2020.
Nonetheless, Bremus violated FINRA Rules 2010 and 3280.
FINRA Public Disclosure shows that Bremus was also referenced in a customer initiated investment related complaint filed on June 30, 2008, in which the customer requested compensatory damages based upon allegations that Bremus made misrepresentations of material fact in connection with the sale of an annuity during the time that Bremus was associated with Citigroup Global Markets Inc. However, the securities broker dealer denied the complaint.
On September 8, 2009, a different customer initiated an investment related complaint involving Bremus was settled for $60,000.00 in damages. This was based upon allegations that Bremus misrepresented the nature of a variable annuity investment when he was associated with Morgan Stanley Smith Barney.
Bremus was associated with LPL Financial LLC in Dacula, Georgia from October 14, 2016, to October 29, 2021. On October 1, 2021, LPL Financial LLC discharged Bremus following allegations that he facilitated private securities transactions involving promissory notes.